New Delhi [India], May 31 : The Ministry of Commerce & Industry has announced that the Combined Index of Eight Core Industries (ICI) surged by 6.2 per cent in April 2024, compared to the same period last year.
This uptick indicates a robust performance across various sectors, contributing significantly to the nation's industrial output.
According to the latest data released by the government, the production of electricity, natural gas, coal, steel, refinery products, crude oil, and cement exhibited notable growth during April 2024, underscoring the resilience of these core sectors.
The ICI serves as a crucial barometer, measuring both the collective and individual performance of eight core industries, namely cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products, and steel.
These industries collectively account for 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
Revised data indicates that the final growth rate of the Index of Eight Core Industries for January 2024 stands at 4.1 per cent.
Furthermore, the cumulative growth rate of ICI during the fiscal year 2023-24 is reported at 7.6 per cent, showcasing a positive trajectory compared to the corresponding period of the previous year.
Cement production witnessed a modest increase of 0.6 percent in April 2024 over April 2023. The cumulative index for cement production during the fiscal year 2023-24 recorded a growth of 9.0 per cent compared to last year.
Coal production experienced a substantial growth of 7.5 per cent in April 2024 compared to April 2023. The cumulative index for coal production in the fiscal year 2023-24 exhibited an increase of 11.8 percent over the corresponding period of the previous year.
Crude oil production registered a marginal uptick of 1.6 per cent in April 2024 compared to the same month last year. However, the cumulative index for crude oil production during the fiscal year 2023-24 showed a modest growth of 0.6 percent over the corresponding period of the previous year.
Electricity generation witnessed a robust growth of 9.4 percent in April 2024 compared to April 2023. The cumulative index for electricity generation during the fiscal year 2023-24 demonstrated an increase of 7.1 per cent.
Fertilizer production experienced a slight decline of 0.8 percent in April 2024 compared to April 2023. However, the cumulative index for fertilizer production during the fiscal year 2023-24 depicted a growth of 3.7 per cent compared to the same period in the previous year.
Natural gas production witnessed a robust growth of 8.6 percent in April 2024 compared to April 2023. The cumulative index for natural gas production during the fiscal year 2023-24 showed increase of 6.1 per cent.
Production of petroleum refinery products saw a steady increase of 3.9 percent in April 2024 compared to April 2023. The cumulative index for petroleum refinery products during the fiscal year 2023-24 recorded a growth of 3.6 per cent.
Steel production exhibited a notable growth of 7.1 per cent in April 2024 compared to April 2023. The cumulative index for steel production during the fiscal year 2023-24 showed increase of 12.4 per cent as compared to last year.
Additionally, various adjustments and inclusions, such as the incorporation of a new steel product called Hot Rolled Pickled and Oiled (HRPO), have been made to reflect the evolving industrial landscape accurately.
The ministry has indicated that the release of the index for May 2024 is scheduled for June 28.
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